Europe

The euro is racing higher after initially gapping lower in Asia on indications that the private sector involvement in Greece had hit another stumbling block ahead of today's EU finance minister summit. It has moved above the $1.30 area in…

Roubini said that the "probability of a recession in the United States is lower than 60 percent right now." On Europe, he said that even if an agreement is reached on Greece, "there are going to be so many holdouts that then they’ll have a…

The brief study presented here shows that over the past 60 days, the Canadian dollar has been more correlated with the S&P 500 than most currencies we looked at, and is also highly correlated with the euro, though in line with most of…

This is a great chart below via the Wall Street Journal. It shows the total debt to GDP ratios for the largest developed economies in the world broken down into four sectors: households, non-financial corporations, financial institutions…

I have been saying for a few months now that all of the periphery would miss their targets as depression took hold. Belgian newspaper De Standaard reports that the new Spanish government is fearful. My translation from Dutch below.

Dollar pares back some of its recent losses ahead of the weekend; focus on Greek debt negotiations. A leaked draft of the new EZ fiscal pact contains tougher rules; growth sensitive currencies top performers. We, along with the consensus,…

Below is the link to my latest appearance on BNN with Howard Green and Ryan Avent. Quick thoughts here

US money markets have dramatically cut their exposure to European bank paper. This has been widely reported and has intensified the dollar funding needs of some European, especially French and Italian banks. When we talk about European…

Dollar continues to trade on the back foot as markets maintain upbeat tone; strong EZ auction results. Soft Australian December employment reports supports Feb rate cut; BoC likely to remain on hold in H1. SELIC rates likely to fall but the…

They are not really brothers, but Mario Draghi and Mario Monti are countrymen and are doing a great deal to respond to the European debt crisis in ways that were unimaginable until very recently.